Stock Market Daily ·
Tech and Chip Stocks Routed as AI Spending Fears Spark Global Sell-Off
Wall Street suffered a sharp sell-off on June 23, with the Nasdaq falling 2.21% and the Philadelphia Semiconductor Index plunging 7.9%, as investors worried about debt-funded AI spending and a potential Fed rate hike. Memory chipmakers Micron and SanDisk each dropped about 13% ahead of Micron's earnings, while reports that SK Hynix is slowing HBM4 expansion added to the gloom. In earnings, FedEx reported strong Q4 results, Carnival posted record quarterly revenues, and KB Home released its Q2 results.
14 sources1 min read
Nasdaq drops 2.2% as chip stocks plunge on AI spending fears The Philadelphia Semiconductor Index tumbled 7.9%, with Micron and SanDisk each falling about 13% amid concerns over debt-funded AI capex and a hawkish Fed. The Dow was relatively resilient, slipping just 0.09%. 1234567891011
FedEx reports strong Q4 earnings and revenue growth FedEx Corp. posted adjusted EPS of $6.31 on revenue of $25.0 billion for the fourth quarter, beating year-ago results, driven by higher package yields and cost savings. 12
Carnival Corporation posts record Q2 revenues and net income The cruise operator reported record second-quarter revenues, net yields, and adjusted net income, signaling strong travel demand. 13
KB Home reports second quarter results for 2026 KB Home released its Q2 2026 earnings, providing insights into the housing market. 14
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